Tammy Saia Contact Info:
Phone: (630) 570-2226
Email: tsaia@marcusmillichap.com
Tami Andrew Contact Info:
Phone: (630) 570-2179
Email: tandrew@marcusmillichap.com
REDUCED - VALUE ADD
Modern Three-Story Multi-Tenant Office Building
Mutual of Omaha - Met Life
$500K in Renovations
Modern Three-Story Multi-Tenant Office Building | 19,330 Gross Square Feet
Strong Tenancy with Mutual of Omaha, Met Life, and Government Tenants
45 Percent of Income from Mutual of Omaha, Met Life, and Berkshire Hathaway Automotive
$500,000 in Extensive Interior and Exterior Renovation Since 2009
Fantastic Exposure to Route 51 (27,900 Cars per Day) and Interstate 72 (13,100 Cars per Day)
Surrounding Location Features Hickory Point Mall and 2017 Constructed $10 Million Holiday Inn
5130 Hickory Point Frontage Road, Decatur, IL 62526
OFF MARKET
Market Summary
Price $980,000
Cap Rate 7.94%
NOI $77,779
Rentable SF 14,315 SF
Price per SF $68.46
Year Built/Renovated 1983/2016
Lot Size 1.07 Acres
Description
Marcus & Millichap is pleased to present for sale the multi-tenant, modern three-story office complex located at 5130 Hickory Point Frontage Road in Decatur, Illinois. The building was originally a build-to-suit for Met Life Insurance, which makes the office space ideal for professional and medical practice.
The subject property offers a strong tenancy mix of national and regional tenants including Met Life Insurance, Mutual of Omaha, Berkshire Hathaway Automotive, Illinois State Representative Bill Mitchell, Illinois State Senator Chapin Rose, and other professional tenants. The building is 80 percent occupied.
The subject property is in pristine condition with no deferred maintenance. It has seen $500,000 in extensive interior and exterior renovation on all major capital expense items from 2009-2016. The roof, siding, gutters, soffits, carpets, floors, and lighting have all been replaced along with three new HVAC units. Also, windows on the south side of the building has been replaced. It features a 50-space parking lot with a concrete surface which requires no maintenance, plus the site includes an additional two car garage. In 2011, the subject property was professionally re-landscaped.
Decatur is centrally located, lying 40 miles east of Springfield, Illinois; 45 miles south of Bloomington-Normal, Illinois; 50 miles southwest of Champaign-Urbana, Illinois; 135 miles northeast of St. Louis, Missouri; 150 miles west of Indianapolis, Indiana; and 180 miles southwest of Chicago.